IMPORTANT
Market Linked Certificates of Deposit (“Market-Linked CDs”) are deposit products issued and managed by Union Bank, N.A. (“Union Bank" or "Bank”) and sold through UnionBanc Investment Services, LLC (“UBIS”), a registered broker-dealer, investment adviser, member FINRA/SIPC and subsidiary of Union Bank. Market-Linked CDs are NOT insured, backed, or guaranteed by SIPC or UBIS.

Union Bank MLCDs are offered pursuant to a Disclosure Statement and supplement, which provide additional important information about the risks and features of Union Bank’s Market-Linked CDs. Prior to purchase, investors should carefully read the Disclosure Statement and any applicable disclosure supplements for the specific Market-Linked CD they are interested in purchasing.

Suitability, FDIC Insurance, & Foreign Currencies - Market-Linked CDs may not be suitable for all investors. Investors should invest in Market-Linked CDs only after carefully considering, together with their financial, legal and tax advisors, the suitability of an investment in light of their specific financial circumstances.
• Market-Linked CDs involve significant risks, including risks not typically associated with fixed-rate or floating-rate certificates of deposit or debt instruments such as liquidity and market risks. The payment at maturity may yield a return that is less than that of a traditional certificate of deposit or debt instrument of a comparable maturity.
•Market-Linked CDs that are linked to one or more foreign currencies may be affected by many complex factors, including government policies/interventions and actions of central banks and may be highly volatile and unpredictable.
• The principal of Market-Linked CDs is FDIC insured within applicable limits. It is the investor’s responsibility to make sure that all deposits held with Union Bank are considered when reviewing for FDIC coverage.
• Market-Linked CDs will be in the form of a master certificate held by the Depository Trust Company. Each Market-Linked CD constitutes a direct deposit obligation of Union Bank.

Call Provisions, Early Redemptions & Tax Issues
• Market-Linked CDs may have provisions that allow Union Bank to call the Market-Linked CD prior to maturity, which could result in a lower return on the Market-Linked CD.
• Early redemptions may not be allowed.
• Investing in Market-Linked CDs could result in a significant loss of principal if sold or redeemed in whole or in part, if allowed, prior to maturity. Any losses incurred due to the sale or early redemption, if allowed, prior to maturity are not FDIC insured. In order to receive repayment of the full deposit amount of a Market-Linked CD, subject to issuer creditworthiness, investors must hold the investment to maturity.
• In taxable accounts, for a Market-Linked CD where no interest is paid until maturity, interest is imputed annually and taxed as ordinary income based on an estimated yield for the Market-Linked CD. The ordinary income tax rate may be a higher rate than the lower capital gains rate normally paid by investors on longer term investments. This annual imputed interest raises the investor’s cost basis, reducing tax consequences at maturity. Investors should consult their tax advisor for information relating to their individual tax situation.

Cap on Returns
• Market-Linked CDs may be subject to a cap on returns. Returns may be subject to a cap either on a quarterly basis and/or on the overall return potential at maturity. As a result, there is no assurance of gains due to increases in the underlying market measure and any gains may be substantially less than the increase in the underlying market measure, particularly in the case of early redemptions.

Fees & Costs
• Market-Linked CDs may include certain fees and costs (including placement fees, structuring and development costs and hedging costs) in the determination of the issue price which will likely have an adverse effect on the price at which the Market-Linked CD can be redeemed or sold (if at all) by investors. Unless otherwise specified in the applicable Disclosure Supplement for a particular MLCD, the placement fee received by a Participating Broker and the Issuer Program Costs, together, will be between 2.25% to 7.00% of the principal amount of each MLCD that an investor may purchase. (Refer to Fees & Hedging within the Disclosure Statement for definitions of terms and additional information.)

IRS 230 Disclosure - UnionBanc Investment Services, LLC and its affiliates do not provide tax advice. Accordingly, any discussion of U.S. tax matters contained herein (including any attachments) is not intended or written to be used, and cannot be used, in connection with the promotion, marketing or recommendation by anyone unaffiliated with UnionBanc Investment Services, LLC of any of the matters addressed herein or for the purpose of avoiding U.S. tax related penalties.